Talk to most people who have left a traditional news organization and they’ll tell you that news is a dying business with a dying business model.

Not a rosy outlook for the profession many of us chose.

But at the Friday morning workshop entitled “The New U” Entrepreneur Project: Funding Innovative Ideas Worskshop, the message was clear: Get out now! And, we’ll teach you how to do it.

That’s assuming of course that you have an idea of a new business venture.

The workshop was led by several people who have launched successful (and not so successful) websites. They’ve been through the battles. They know how to secure funding from investors. So with that knowledge and experience, they turned to those gathered in the audience and asked the would-be entrepreneurs to stand in front of the room and perform their entrepreneurial pitch. In other words, the people had to talk about what sort of business they’re trying to launch, and why investors should give them money to make their dream become a reality.

Many of the potential entrepreneurs preferred not to have their ideas made public, but here are a few bits of advice given by the panel of “judges” who critiqued their pitches.

•  If your business does not solve a pressing problem, then who cares?
• If you’re able to reference a similar business that has been successful, that’s a plus during your pitch.
• During your pitch, talk about how your business is going to generate revenue or how you might pull in foundation grants to fund your start-up.
• Mention to the investor how your business will acquire customers.
•  If you’re trying to start up a website, talk about how will you get people to develop a habit of going to your site.
• Don’t be afraid to say that you’re going to lose money in the first couple years. Most start-ups do.
• Investors are looking for people who truly have a passion for what they’re doing.
• Saying in your pitch that “it will appeal to everyone” is a bad line to use.
• Never use the term “we are the first ever.” Chances are, something being the “first ever” is rarely the case. Investors will jump at that opportunity to turn you down.
  
  

Perhaps the most important thing the judges shared with the group was that would-be entrepreneurs should not be afraid to fail. Most start-ups don’t succeed, but after getting some experience, it will make them better in the long-run.

Now, I just need an idea of my own.

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Andrew Humphrey making his entrepreneurial pitch to the panel.

Caroline Li making her pitch to the panel. 

— Delane Cleveland, AAJA Minnesota